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Health
Savings Accounts in ColoradoHealth
Savings Account (HSA) plans can lower your premium, reduce your income taxes,
and allow you to save money for future medical expenses tax-free. For these
reasons, HSA plans have become the most popular plans we offer. Here's
why Health Savings Accounts have become so popular: -
An
HSA offers Lower Premiums - Because a health
savings plan in an HSA is paired with a high
deductible health insurance plan, the premium savings for an HSA can be up
to 50% or more compared to a typical low deductible health insurance plan.
- Tax-Deductible
Contributions - Contributions to an HSA
are tax-deductible. Annual contribution limits for 2012 are capped at 3,100 for individuals and $6,250 for families. IMPORTANT: You must have
your HSA-qualified health insurance in place before December 1 in order to qualify
for a 2012 tax break.
- Pre-tax
medical expenses - Withdrawals are tax-free
and penalty-free when made for HSA
qualified expenses, including your deductible, birth control
pills, contact lenses and eyeglasses, chiropractors, dental treatment,
fertility treatment, vasectomies, and even travel expenses incurred
while seeking medical care.
- Tax-deferred
growth - Unused funds grow in your account tax-deferred, and can be
withdrawn penalty-free at age 65. There are a variety of investment options,
including savings accounts, money market accounts, or a wide selection of mutual
funds.
For
more information on how HSA plans work, see our brief "How
To" Guide to HSAs. You can also sing up for the HSA
for America weekly HSA
Teleseminar. | |
| |
"A Health Savings
Account will slash your health insurance premiums, reduce your taxes, and make
all of your medical expenses - including dental, eyeglasses, and alternative care
- tax deductible. For most people this is the smartest and most economical way
to handle their health insurance needs." Wiley
Long
President
ColoHealth | | | |
| | |
The following Health
Savings Account plans are available in Colorado:
Below
are some interesting articles on Health Savings Accounts:
Health
Savings Accounts allow you to legally avoid federal income tax by saving up to
$3,100 for singles or $6,250 for families, into your Health Savings Account.
Whatever you deposit into your account with any HSA
Administrators up to April 15, is an "above the line" tax deduction
for the previous year's income taxes, meaning you get a federal income tax deduction
for money you put in even if you take the standard deduction and don’t itemize
deductions. If your employer makes a Health Savings Account contribution
for you, it is “excluded” from income, and not subject to any income
tax or FICA. Either way, this will immediately reduce your federal income
tax due for the year. Health
Savings Accounts in the News
How Health Savings Accounts Help Consumers To Get More
As health care costs are on the rise, more and more employers are offering Health Savings Account (HSA) Plans to help employees control their health care expenses. An HSA Plan can help you build up savings that you can use to pay for healthcare expenses. Despite the growing number of people with Health Savings Accounts, many people are still confused about how to get the most benefit from them.
Think of an HSA like a bank account with numerous special advantages. The deposits you make are tax deductible. As long as you use the money to pay for HSA qualified health care expenses, withdrawals are not taxed.
How Health Savings Account Contribution Rules Affect Employers
According to federal regulators, employers contributing to employee Health Savings Accounts or Health Reimbursement Arrangements may not get full credit for the deposit if they run a key "actuarial value" test. That is part of health care reform.
That test begins in 2014. Plans must have an actuarial value of at least 60 percent. While regulators have yet to define a formula to determine that actuarial value, in general, the value would be the percentage of expected costs for benefits covered by the plan.
Why People Are Switching to Health Savings Accounts
With the increase in health care costs that we see every year, it's no wonder that more and more people are switching from traditional to tax-advantaged Health Savings Account plans.
According to the latest Health Savings Account Program Snapshot Report by J.P. Morgan Treasury Services, the average Chase HSA balance ($1,547) is four percent higher than it was in 2010. This is the highest balance that's been recorded in the past seven years.
J.P. Morgan Releases Third Annual Health Savings Account Report
The results of J.P. Morgan's Treasury Services business third annual 2011 Health Savings Account Snapshot report have been announced. They are a full-service provider of cash management, trade finance, treasury solutions and escrow services.
The report provides a view of how Health Savings Accounts have been used by J.P. Morgan Chase HSA holders. Having a Health Savings Account (HSA) has been shown to help increase savings and pay for health care expenses.
Health Savings Accounts Hit Record Growth
Recently, the Bank of America announced a record in Health Savings Accounts as they hit 34-percent growth in 2011. That’s 50,000 more accounts last year than seen in previous years. The growth is linked to increases in Health Savings Account (HSA) use among employees of existing company clients and new relationships built with individuals and employers.
Bank of America offers Health Savings Accounts, Health Reimbursement Arrangements and Flexible Spending Accounts. Nationwide, more than 600,000 individuals and more than 2,000 companies took advantage of these accounts via the BoA. Among these three types of plans, Health Savings Accounts are the fastest growing, with almost 200,000 accounts and more than $300 million in collective account balances.
Health Savings Account Merits Revisited
As the debate over whether the Affordable Care Act enacted in 2010 is constitutional continues, it is not certain if all of the mandates will be implemented in 2014.
While waiting for the future of the health care reform law, why not take a closer look at Health Savings Accounts? If you’re having a hard time handling your medical costs, this may be a tax-smart option for you. Recent tax laws have greatly improved how Health Savings Accounts work. That is why we see a growth in HSA users every year.
How Health Savings Account Help With Taxes
Ever since the Patient Protection and Affordable Care Act of the Obama administration in 2010 was enacted, the debate whether it is constitutional or not just doesn’t stop. We are not certain if all the provisions under the new health care reform law will be implemented by 2014 or none at all.
The future of health care in the United States is still uncertain. However, there are popular plans that will help secure your future. Have you heard of Health Savings Account (HSA) plans?
Health Savings Accounts Help With Health Care Expenses And Taxes!
Handling Health Savings Account Tax Forms
One of the best ways to reduce the income tax you pay is with a Health Savings Account (HSA). These accounts provide tax deductions, immediate tax-free withdrawals for qualified health care for you and your family, as well as tax-deferred earnings on your savings.
For the 2011 tax year, you have until April 16, 2012 to make your HSA deductible contribution (April 15 falls on a Sunday). You can make your contribution even if you are no longer eligible so long as you are making the contribution for when you were eligible (assuming you do so before April 15 or your applicable tax filing due date).
Understanding Health Reimbursement Arrangements
A Health Reimbursement Account (HRA), also known as a health reimbursement arrangement, is an IRS approved, tax advantaged, health benefit plan that reimburses employees for out of pocket medical expenses and individual health insurance premiums. Let me just clarify that an HRA is not health insurance. HRAs allow the employer to make contributions to an employee's account and provide reimbursement for eligible health care expenses. This is an excellent way to supplement health insurance benefits and allow employees to pay for a wide range of medical expenses not covered by insurance.
HSA Assets Surpass $12.4 Billion
According to a survey by Devenir, an investment company that specializes in providing investment options for Health Savings Accounts, these accounts surpassed $12.4 billion in more than 6.8 million accounts in 2011.
The data was collected in January 2012 and it came from the top 50 HSA providers. According to Eric Remjeske, President and Co-Founder of Devenir, “We continue to see strong growth in the HSA marketplace as well as steady increases in average balances.”
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
President